Senior project finance debt for two onshore wind farms in Finland totaling 73.8MW

Augusta & Co is proud to have acted as exclusive financial adviser to Ilmatar Energy in securing long-term senior debt for two utility-scale onshore wind projects in Finland: Voimamylly (25.8MW) and Rasakangas (48.0MW). The transaction represents an important step in Ilmatar’s strategy to transition into an IPP and the company intends to remain the sole owner of the projects.

The financing is being provided by SEB, a highly experienced project finance lender in the Nordics. Construction is underway at both sites and is proceeding as planned, with full operation expected in the first half of 2022. Both projects are supported by long-term corporate PPAs with leading local industrials.

Kalle Pykälä, Chairman of Ilmatar Energy commented: “We were very happy to have Augusta once again advising on this deal. Their detailed understanding of the lending dynamics of the Nordic market has helped us achieve excellent terms for this project finance package.”

Simon Clement-Davies, Partner of Augusta, said: “The highly entrepreneurial Ilmatar team are rapidly expanding the business from pure-play developer to IPP and accessing project finance on fine commercial terms remains central to building equity value. We are delighted to play a part in this exciting story.”